Hi Everyone, just a quick note to ask you one simple question do you have enough money or assets for a comfortable retirement? The fact is that 95% of Australians don’t! It’s pretty easy to work out how much is needed, all you have to do is multiply the amount you require to live on annually, by how many years you will be in retirement and this will give you an idea on how much is needed. How do you stack up? A little surprising isn’t it.
When most Australians are asked what their biggest debt is in life? they say the mortgage, they would be wrong, it is actually their retirement by far.
If you have equity in your own home and have a steady job but are a little disillusioned by superannuation and feel you may not have enough to fund your retirement then you need to talk to us at Premium Finance, we may be able to help you.
Premium Finance specialize in debt reduction, saving tax and using your tax dollars to fund your investments for retirement.
If you feel that you don’t have enough for retirement please contact us for a confidential appointment to see whether we can help.
Posts Tagged ‘Melbourne’
Premium Finance Article on Self Funded Super.
Thursday, October 15th, 2009A quick note on what we do
Sunday, August 2nd, 2009Hi all,
Shane here from Premium Finance Services just a quick note to let people know what we do. Premium Finance specializes in finance, loan structuring for debt reduction and wealth creation through tax assisted investments. Our objective is to improve our client’s financial position, make them self funded retirees and help them to achieve their financial goals. To date we have been able to help around 1500 families and put them on the right path. If you are working to reduce credit card debt or personal loan debt, are struggling to pay the bills and have equity in your home but have very little put away for your retirement, then do yourself a favor and give us a call. Premium Finance Services, are here to help.
Article from The Age
Wednesday, July 29th, 2009Premium Finance Services believes the following article from the Age newspaper may represent a strong case for investing in residential Property
Retirement by 70 a fading hope for many
Tim Colebatch
February 25, 2009
MORE than a third of older Australian workers now plan to work until they are at least 70, in an astonishing cultural change, the Bureau of Statistics reports.
- Survey results released
- Australians working longer
- Inadequate superannuation
A bureau survey taken in mid-2007, but released yesterday, reports that 15 per cent of Australian workers aged 45 and over say they don’t plan to retire, but just keep working until they drop. Most intend to ease down to part-time work. But, overall, less than 30 per cent of middle-aged and older Australians now intend to retire before they turn 65.
If this eventuates, it will transform the Australian workforce and concepts of retirement. The bureau found people already retired, on average, did so aged just 52 (58 for men, 47 for women).
That change is now under way. Bureau figures show that in November, 60 per cent of men aged 60 to 64 were still in the workforce — as were 29 per cent of men aged 65 to 69 and 7 per cent of men 70 and over. Women are catching up: 39 per cent of those aged 60 to 64 are still at work, as are 15 per cent of those aged 65 to 69, and 2 per cent of the over-70s.
One reason people are working longer could be inadequate superannuation.
The bureau survey found that in mid-2007, the median superannuation balance reported by Australian workers was just $23,698. Even among workers aged 55 to 64, the median balance was just $71,731. Men average almost twice as much as women, and public servants almost twice as much as those in the private sector.
The mean or average superannuation balance was much higher, but only because some have very large superannuation assets. Only 20 per cent of men and 11 per cent of women said they had $100,000 or more in their super account.
Ross Clare, research director for the Association of Superannuation Funds of Australia, said the figures might be understated, but were consistent with other data showing that most Australians had inadequate super balances.
“In 30 years time they will be substantial, but the harsh reality is that most people don’t have a long history of superannuation, and if you’re on an average income, it takes a long period for assets to build up,” he said.
Mr Clare said that while the sharemarket crash had reduced superannuation assets, the deepest losses were borne by those with substantial balances, while the median balance had probably risen a little after two years of high employment.
ASFA estimates that under the present regime, someone working 30 years on average wages is likely to retire with a super nest egg of $180,000.
Premium Finance Services believes that residential property is a welcome addition to an investment portfolio can only enhance the opportunities of future self funded retirees.
Will my Superannuation be enough for my retirement?
Thursday, July 16th, 2009Hi All,
Premium Finance Services work hard to help Australian’s secure themselves a retirement that is fun, one that you don’t have to go without. Retirement shouldn’t be spent worrying about finances.
Came across this video on Youtube today… It made a lot of us here at the office laugh
Did you know that:
“In 2008 the average Australian superannuation payout for men was about $155,000 for men and approximately $73,000 for women” SuperRatings.com
How do you think you would go living on that? Super is a good start, but it sure won’t provide me with the lifestyle I want when I retire! Even if I doubled the contributions — lets say $310k to live on from 65 until 85 — living on $15.5k per year? What if I live longer ( do I start eating beans and rice now ).. There is a far better way: Call us @ Premium Finance to learn about it, 07 3024 1700.
Karl
Getting the correct product and structure is a MUST!
Monday, June 29th, 2009Hi all Shane here from Premium Finance, just wanted to let you know about a client we helped during the week. The client came to me in a bit of a pickle, he was 50 years old had very little super and really no plan in place for retirement. He also had bills coming out of his ears. He still had a mortgage on his home, a car loan, a personal loan for a Harley and 2 credit cards that were over their limit. Even though he was earning big money as he was working in the mines, he was unable to save any money to put towards savings or retirement. Also because he is a payee employee with the Mines he is paying heaps of tax and very little in the way of tax deductions. He told me he has gained heaps of equity in his home because he has had it for over 20 years but he felt like he was going backwards.
He had also realized that he needed professional advice on how to better his financial situation. So he contacted Premium Finance for help.
To help him we did a simple product swap and restructure of his home loan so we could consolidate his debts and set him up with a mortgage reduction program, by doing this it freed up a large amount of income that could be put towards a tax assisted investment that was going to help build wealth for retirement. Now instead of being worried about his retirement and financial future he is busy living life and planning for his next investment. Another happy client!
Thanks, till next time, Shane
Premium Finance Services – helping Australian’s one at a time.
Monday, May 25th, 2009Hi I am an employee of Premium Finance Services and I thought I would let you in on one of our success stories. John and Jan came to us with a considerable amount of personal debt, bad loan structures, and were struggling from day to day just to pay the bills and keep their heads above water. Both John and Jan were payee employees with hardly any tax deductions and had minimal superannuation.
After going through their finances with them, we found they had maxed out credit cards, a car loan, and a personal loan. This amounted to a lot of hard earned cash going out the door. John and Jan also had a principle and interest loan that their bank had suggested they take out to buy the family home which they had been making payments on for the last 20 years. In order to help John and Jan, Premium Finance Services was able to refinance them into a new loan product and structure which actually suited their situation and helped them pay off their home faster. Because they have had their home for so long, they had a considerable amount of equity which we accessed to consolidate their credit cards, car loan and personal loan. By doing this, we were able to free up a large amount of income to put towards an investment that was going to help them out in retirement. So, not only do John and Jan have extra cash in their pocket, they are also getting tax deductions for buying an investment that is going to help fund them in retirement.
Maybe Premium Finance Services can help you, if you think that John and Jan’s situation sounds familiar, give Premium Finance a call and arrange to talk to one of our consultants.
Regards, Shane.